Soybean futures fell on Monday following three straight days of gains, while corn and wheat were both mixed.
Profit taking after recent gains reportedly weighed on soybean futures today, with additional pressure coming from the Environmental Protection Agency’s decision on Friday to approve most of the requests by small oil refineries for exemptions to mandatory biofuel use. The decision is seen reducing biofuel demand. On the other hand, the Pro Farmer crop tour last week estimated this year’s final US soybean yield at 53 bu/acre - below the USDA’s August estimate of 53.6 bu. November beans fell 10 ¾ cents to $10.47 ¾, and January was down 9 ¼ cents at $10.67 ¾.
Corn drew some support as the Pro Farmer tour estimated the 2025 US national corn yield at 182.7 bu/acre, versus the USDA projection of 188.8 bu. Export demand for corn remains strong as well. Marketing year shipments have totaled 2.528 billion bu since Sept. 1, 28.2% larger year-over-year. December corn gained ¾ of a cent to $4.12 ¼, and March was up a penny at $4.29 ¾.
December Chicago wheat gained 2 ½ cents to $5.29 ¾, and December Kansas City was down a ¼ cent at $5.20 ¾. December Hard Red Spring dropped 12 cents to $5.41 ¾, and December Minneapolis gained 2 ½ cents to $5.92 ½.
